Products March 27, 2017

Seyfarth Shaw Expands Seyfarth Benefits Consulting

Seyfarth Benefits Consulting focuses on supporting clients' ongoing legal counseling and administrative needs in relation to their retirement, health and welfare programs.
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Seyfarth Shaw LLP announced the expansion and redesign of its Employee Benefits Administrative Service Center, which has evolved into Seyfarth Benefits Consulting (SBC).

Introduced in 2014 by Seyfarth’s Employee Benefits & Executive Compensation department to provide a relatively narrow set of employee benefits administrative services, SBC grew in scope as plan sponsors and administrators drove demand for broader support maintaining their employee benefit plans more efficiently.

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Based on Seyfarth Lean principles and backed by one of the largest Employee Benefits & Executive Compensation practices in the country, SBC focuses on supporting clients’ ongoing legal counseling and administrative needs in relation to their retirement, health and welfare programs.

With a strategic staffing model, fixed fees, and other available alternative rate structures to optimize efficiency and delivery, SBC features a growing range of services, including:

  • Annual Compliance Reporting;
  • Claim Administration;
  • Determination Letter Filings;
  • HIPAA Privacy;
  • Legal Instrument and Levy Review;
  • Nondiscrimination Testing;
  • Qualified Domestic Relations Order Administration;
  • Qualified Medical Child Support Order Administration; and
  • Special Projects.

SBC represents an integrated offering from the lawyers and staff of Seyfarth’s Employee Benefits & Executive Compensation department, not a separate legal entity. To learn more, visit www.seyfarth.com/BenefitsConsulting.

Client Service March 27, 2017

Younger Participants Expect Employer To Steer Retirement Plan

Many folks under 30 are “do-it-for-me” type investors.
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Workers under the age of 30 really expect their employer to take control of their retirement plan, J.P. Morgan learned from surveying defined contribution plan participants. 

Sixty-nine percent of these participants identify themselves as “do-it-for-me” investors, compared with 56% of those over the age of 30. They are also more likely to appreciate receiving a notice from their employer if they are not saving enough (62% versus 34%).

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The younger group also wants their employer to make their investment decisions (82% versus 73%). In addition, 50% of those under the age of 30 think their employer is obliged to make their investment decisions for them, compared to 22% of those over the age of 30.

Eighty-four percent of the younger workers are in favor of automatic enrollment, compared to 72% of their older colleagues, and 86% like the idea of automatic escalation, compared to 70% of those over 30. They also think that target-date funds are appealing (97% versus 87%) and are open to the idea of re-enrollment (93% versus 79%).

“Those under 30 recognize the challenge they face in saving and investing for retirement and appear very receptive to the knowledge, tools and guidance that employers and advisers can provide,” says Catherine Peterson, global head of insights programs at J.P. Morgan. “These findings may help assure plan sponsors that their efforts to strengthen their plans and proactively place employees on a solid path to a secure retirement will likely be met with support among current and future generations of participants.”

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